Tel Aviv is the fifth-largest producer of “unicorns” in the world, according to a joint study by Tel Aviv Tech, an initiative of the Tel Aviv Municipality, along with DealRoom, which provides information on the ecosystems of start-ups around the world.
Alongside London, Tel Aviv is home to the largest number of unicorns, which is a privately held start-up company valued at $1 billion or more.
Tel Aviv is one of the fastest growing – most valuable innovative – startup ecosystems in the world. Tel Aviv startups worth more $393 billion, 3.5 times larger than in 2018.
Tel Aviv-Yafo Mayor Ron Huldai expressed his pride for the city’s achievements.
“I am proud that the City of Tel Aviv-Yafo is so well ranked in the ‘Global Founders Factory’ and that 27 leading local companies have ‘given birth’ to 108 innovative companies, founded by former employees of large companies. These are the achievements of democracy, freedom and human rights, which have allowed the local high-tech industry to show amazing creativity and success over the past year,” Huldai said.
The mayor said that the current state of affairs, with all the success it represents, must not be taken for granted in light of the crisis sweeping Israel over the parliament’s judicial reforms legislation.
“We must not forget that democracy in Israel is currently in crisis and that the high-tech industry flourishes best with freedom, liberality and equal rights," Huldai said. "In the shadow of the fall of the shekel, Tel Aviv’s technology companies are transferring their workers to other countries, and the cessation of investments in Israel has begun."
“The judicial reform must be stopped immediately so that the high-tech industry and the economy of Tel Aviv and the country are not further damaged. In Tel Aviv-Yafo, we will continue to commit ourselves to democracy and the strengthening of the local high-tech industry,” Huldai added.
The All Israel News Staff is a team of journalists in Israel.